Role of HR, Marketing, and Finance in Organizations

This assignment discusses the roles of HR, marketing, and finance departments in organizations, highlighting their importance in delivering services and achieving organizational goals. It also explores collaborative work practices and the role of financial management and reporting in organizations.

Introduction
To
Business Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1) Describe the role of HR, marketing and finance functions within organisations...................1
2) Develop an understanding of collaborative work practices....................................................3
3) Demonstrate knowledge of the role of financial management and reporting with in the
organisation.................................................................................................................................4
CONCLUSIONS..............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The business refers to the organisation in which various people work together in different
departments. They work together to manufacture or sell the products and with this they can make
a profit by selling these products. The business have different departments of function which
help the organisation to deliver the best services among customers. It consist of management,
finance, HR and other departments who plays specific role in the organisation(Barbero and Puig,
2016). In context of Tesco organisation, the departments follows various roles and strategies
from which they can accomplish their goals. This includes the role of HR, marketing and finance
department which are discussed in this report.
MAIN BODY
1) Describe the role of HR, marketing and finance functions within organisations.
There are various department occur with in organisation which plays an important role
with in it. With the help of these department, it is easier for the organisation to initiate various
activities and services from which they can achieve required goals of an organisation. These
department are needed to be implemented with in organisation who deliver services on a large
scale. Likewise, in context of Tesco, they deliver services on a large scale across the country so
they need to update these department in their organisation. The implementation of these
department can help to shape the frame of businesses in an effective manner so that the
productivity can increases.
HR
The human resource department refers to the managing of people and employees of the
organisation. The roles and responsibilities of an human resource manager is to manage the
activities around the company. Their roles in the organisation of HR are described below.
 Training:- the role of HR is to conduct various training programmes that can help the
new and old employees so that they can improve their skills. This will help the
employees in their working style from which then can enhance productivity and
increase the profits of the organisation (Cantwell, 2015).
 Recruitment:- the efficient employees plays a important role in succeeding of an
organisation. So this is the role HR manager to hire such appropriate people who can
enhance the services more. Their role includes to advertise about the vacancy,
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interviewing and select candidates according to the desired capabilities. Moreover,
the job description, contract and offer letter are the responsibilities of a HR.
 Salaries maintenance:- this is the important part in the role of manager as it is
related to the benefits of employees. The HR manager needs to manage the salary
process of the employees by providing them benefits so that they can work
efficiently.
Marketing
The marketing department plays an important role in enhancing the business products and
services of the organisation. Their roles of marketing department are described below.
 Research:- the research is an important part as it helps in analysing the opportunities
of market which help in establishing the products of an organisation. With the help of
this, the managers can identify the nature of customers and market for services (Doh,
McGuire and Ozaki, 2015). By analysing the market reaction the potential product can
deliver to the customers.
 Marketing mix:- this department mix all the strategies of the company such as the
pricing, nature of the product, promotion and distribution. This will help the
organisation in selling their product.
 Development of new product:- the marketing department works with production
department in order to develop new services and products. With the help of marketing,
the production department can identify the needs of customers and can make products
according to it.
Finance
This department manages the issues of money that occur in the management of the
company. This also manages the money between the company with customers and other
company. This is an important department as it manages the flow of money in all departments of
the businesses.
 The role of finance department includes the collection, analysis, recording of financial
data. It also includes the decision making about the money that are spent on
manufacturing the products (Forsgren, 2015).
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 The money flows out in a business by various types of sources. So it is necessary to
manage the money flows, the finance department balance these flows by preventing the
too much flows in a given time.
 The controlling of credits is part of roles of finance department. In this, they control the
credits by collecting or managing debts and payments. By this, company can owe money
to suppliers at a given time (Roberts, 2018).
2) Develop an understanding of collaborative work practices.
The collaboration is define as the teamwork setting in which the people or organisation
works together to solve a specific problem and to deliver the positive outcomes. With the help of
this, the organisation can produce the new and effective products that can help in enhancing the
services of the organisation. This can be a effective relationship in the organisation as it provides
benefits to the company rather than working alone and separately (Stahl and Tung, 2015). This
plays an important role in work place as the employees are able to work together from which the
productivity can be improved. By applying this in the workplace, the workers can motivate from
surroundings and become more responsible towards the work process. There are various
collaborative work practices which are applied by Tesco organisation in order to develop more
profits. These practices are described below.
 Self-analysis:- the collaborative approach can help the employees to think about their
competencies and perceive clarity about it. With the help of this, they can identify the
strengths and weaknesses of themselves. By identifying these, the employees can work
together by helping each other in their work role.
 Open discussions:- this practice can help the organisation in keeping everyone engage in
meetings. With this each employee can take part in the discussion and can influence the
productivity effectively.
 Brainstorming:- in this practice, each employee can express their ideas and can make
decisions in an effort that help in everyone's input. This will help in building up
communication and trust between the employees.
The HR, finance and marketing department work collaborative in the organisation. The
HR and marketing work together by sending the messages in the company internally. The
research marketing which are analysed by the marketing department can be execute by HR
department in the company. The finance department collaborating with marketing department
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can analyse the need of money which are necessary in the company to manufacture the products
(Yamin and Sinkovics, 2015). For example, by the research analysis the products can be made
according to customers needs. The urgent delivery of products needs more amount to
manufacture as it consist of raw material and labour charges, so in this case the finance
department can manage the flow of money by collaborating with marketing department.
3) Demonstrate knowledge of the role of financial management and reporting with in the
organisation.
The financial management refers to the production of financial reports of the
organisation. The managers produce different plans and strategies from which they can plan long
term financial goals and benefits of the organisation. The role of management is to prepare the
business financial reports, to monitor the financial details, analyse the marketing trends and to
help the company in making financial decisions. By analysing the market trends, the organisation
can find the opportunities for expansing in other areas. They can also help the management in
taking the financial decisions which can help in raising the productivity of organisation.
The finance management is important in the organisation as it increases the value of
business frame and can also help in reducing the capital cost of Tesco organisation. The main
objective of financial report is to provide the financial status of the organisation. This will help
the organisation to make economic decisions so the financial position can be changed. The report
includes the balance sheet, income statement and cash flow in the organisation (Zander,
McDougall-Covin and Rose, 2015). With the help of these, the results of position of various
department can be disclosed in the organisation. This can be helpful in making the decisions
regarding the financing. With the help of this, the operation of organisation can provide the best
investment in return. This can help the other investors and users in making their investment
decisions. It can also helps in understanding the risks that occur with in the organisation.
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CONCLUSIONS
From the above assignment, it has been concluded that the HR, marketing and finance
department plays an important role in an organisation. They have their specific work role with in
the organisation. These departments also work in a collaborative manner which help in
enhancing the productivity of the organisation. The collaborative work practices can help the
company in attaining the acquired success and goals. With the help of this, the skills and
knowledge of the employees can increase which impact a positive effect on the organisation. The
financial management plays a important role in organisation by managing the financial condition
of the company. The managers can manage by reporting the data and information about the
status of the organisation to others. This helps the others to invest them in the organisation
according to it.
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REFERENCES
Books and journals
Barbero, M. I. and Puig, N., 2016. Business groups around the world: an introduction. Business
History. 58(1). pp.6-29.
Cantwell, J., 2015. An introduction to the eclectic paradigm as a meta-framework for the cross-
disciplinary analysis of international business. In The eclectic paradigm (pp. 1-22).
Palgrave Macmillan, London.
Doh, J., McGuire, S. and Ozaki, T., 2015. The Journal of World Business Special Issue: Global
governance and international nonmarket strategies: Introduction to the special issue.
Journal of World Business. 50(2). pp.256-261.
Forsgren, M., 2015. Managing the Internationalization Process (Routledge Revivals): The
Swedish Case. Routledge.
Roberts, J., 2018. Multinational business service firms: development of multinational
organization structures in the UK business service sector. Routledge.
Stahl, G. K. and Tung, R. L., 2015. Towards a more balanced treatment of culture in
international business studies: The need for positive cross-cultural scholarship. Journal
of International Business Studies. 46(4). pp.391-414.
Yamin, M. and Sinkovics, R. R., 2015. Rising power firms–the developmental promises and
challenges: An introduction. critical perspectives on international business.
Zander, I., McDougall-Covin, P. and Rose, E. L., 2015. Born globals and international business:
Evolution of a field of research. Journal of International Business Studies. 46(1). pp.27-
35.
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